It is no secret that all firms who provide IVAs work from the same set of rules and regulations – the laws and best practice guidance is exactly the same for every Licensed Insolvency Practitioner in the UK who puts together and supervises IVAs. Whilst no two cases are exactly the same, most cases follow a similar direction.
Our promise is that our fees charged will always be reflective of the market rate and fully disclosed at the outset. We like to keep things simple – that’s why we have a straightforward method of determining our fee structure on each case.
In essence our fee model is simple and, depending on certain criteria, the fee charged will be calculated in one of two ways. Either an agreed fixed fee which covers everything from start to finish or in certain circumstances, an agreed fixed fee plus a percentage of those monies which are paid into the IVA. In both fee structures, the fixed element covers all costs, charges and expenses/disbursements which will be incurred throughout the process meaning that clients and creditors know exactly where they stand from the outset.
At DebtChampion when we quote a fee for a case, we promise to both clients and clients’ creditors that the fee quoted is inclusive of all costs which will be incurred on the case which are reasonably envisaged at the outset, on the understanding that the IVA runs as planned from start to finish.
Unfortunately, we do not have a crystal ball and sometimes events occur within a five-year period which were not foreseen right at the start. In the unlikely event that the IVA would need to be varied then there would be a small charge for this to reflect the additional work requirement which would not have been envisaged at the commencement of the IVA. However, the rate of any variation fee would be stated in the IVA Proposal and will be agreed by your creditors.